Although it has given back some of its early gains, in afternoon trade the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) is up almost 0.2% to 5,660 points.
Four shares which haven't been able to follow the market higher today are listed below. Here's why they dropped lower:
The Argosy Minerals Limited (ASX: AGY) share price has fallen 10% to 28 cents after emerging from its voluntary suspension. Although the lithium-focused mineral exploration company advised that the investment from China-based Qingdao Qianyun fell through, it has ended up raising the money at a far better price through institutional and sophisticated investors.
The Class Ltd (ASX: CL1) share price is down 3.5% to $3.44 after providing its latest quarterly update. Although Class Super accounts increased by 6,232 to 146,922 and Class Portfolio accounts grew 12% to 3,631, it appears the market was expecting even stronger growth. I think this decline could be an opportunity for patient buy and hold investors to get in at a better price.
The Reliance Worldwide Corporation Aus P Ltd (ASX: RWC) share price has fallen 5% to $3.70 despite there being no news out of the company. Investors appear to be questioning whether the plumbing fittings company justifies the 30x earnings multiple its shares trade at.
The Super Retail Group Ltd (ASX: SUL) share price is down 2% to $7.92. With no news out of the retailer, today's decline is likely to be related to the disappointing retail sales data released this morning. Australian retail sales fell 0.6% in August, compared to the 0.3% increase that economists were expecting.
